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Panda Power enters Irish electricity market

Panda Power offering customers 18% electricity discount and green energy from renewable sources

Ireland’s leading recycling brand, Panda, has entered the Irish electricity market today under the brand name of Panda Power.

Panda Power is offering Irish domestic customers a discount electricity unit rate of 13.63 cent (excluding VAT).

According to Switcher.ie calculations, the tariff is €1 cheaper per year based on average consumption when compared with Energia’s recently announced 18% discount CHEEP180 tariff.

Read more: Cheep new energy deals and price cuts from Energia

It is also offering green electricity produced from renewable energy sources which do not impact negatively on the environment.

Responding to the news, Eoin Clarke, Managing Director at Switcher.ie, said: “Increased competition in the electricity market means more choice for consumers. For a number of years Irish energy customers have endured price hikes. New entrants in the energy market are sparking price wars, and we are delighted to see Panda Power entering the Irish electricity market with a competitive offering that could reap savings of €160 for consumers switching from the average electricity standard price plan on the market.”

“Hard pressed households still struggle with the high cost of energy bills, it is more important than ever for consumers to do their research and make the easy switch to the best value offering for their particular needs.”

The real concern that we have however, is that people are slow to switch supplier when their contract ends, despite having more competitive offerings in the market that would yield significant personal savings over the course of the next year.

“While Panda Power can claim the cheapest electricity unit rate in the market, the average annual cost difference is only one Euro cheaper. Bord Gáis Energy and Electric Ireland can yield households greater savings when introductory bonus payments are taken into account. The message for household remains the same, regular switching saves money.”

The company will invest €40 million into the market initially, and further details of related infrastructure investments will be outlined later in the year, including adding to its existing 700 employees and a nationwide consumer marketing campaign.

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